Barclays Cuts Rubrik (NYSE:RBRK) Price Target to $70.00

Rubrik (NYSE:RBRK) had its price objective cut by Barclays from $100.00 to $70.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on the company. The Goldman Sachs Group dropped their price objective on Rubrik from $120.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Wedbush reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of Rubrik in a research report on Friday, December 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rubrik in a research report on Monday, December 29th. Citigroup restated a “buy” rating on shares of Rubrik in a research note on Monday, January 12th. Finally, Mizuho reduced their price target on Rubrik from $97.00 to $80.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rubrik presently has an average rating of “Moderate Buy” and a consensus target price of $102.11.

Rubrik Stock Performance

NYSE RBRK opened at $55.91 on Tuesday. The company has a market cap of $11.19 billion, a PE ratio of -28.67 and a beta of 0.45. The firm’s 50 day moving average price is $61.68 and its 200-day moving average price is $73.11. Rubrik has a 52-week low of $46.36 and a 52-week high of $103.00.

Rubrik (NYSE:RBRK) last posted its earnings results on Thursday, December 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.26. The company had revenue of $350.17 million for the quarter, compared to analysts’ expectations of $320.19 million. During the same quarter in the prior year, the company earned ($0.21) EPS. The firm’s quarterly revenue was up 48.3% on a year-over-year basis. On average, analysts forecast that Rubrik will post -7.66 earnings per share for the current fiscal year.

Insider Transactions at Rubrik

In other Rubrik news, CTO Arvind Nithrakashyap sold 31,450 shares of Rubrik stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $76.19, for a total transaction of $2,396,175.50. Following the completion of the sale, the chief technology officer owned 342,703 shares of the company’s stock, valued at approximately $26,110,541.57. The trade was a 8.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Wendell Thompson sold 11,000 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $73.84, for a total value of $812,240.00. Following the sale, the director owned 2,702 shares in the company, valued at approximately $199,515.68. The trade was a 80.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 261,378 shares of company stock worth $19,381,131 over the last 90 days. Insiders own 32.38% of the company’s stock.

Hedge Funds Weigh In On Rubrik

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Rubrik by 73.1% during the second quarter. Vanguard Group Inc. now owns 12,022,614 shares of the company’s stock valued at $1,077,106,000 after purchasing an additional 5,077,513 shares during the period. Norges Bank purchased a new position in shares of Rubrik during the 4th quarter valued at about $345,907,000. First Trust Advisors LP lifted its holdings in shares of Rubrik by 42.8% in the 4th quarter. First Trust Advisors LP now owns 7,064,057 shares of the company’s stock valued at $540,259,000 after buying an additional 2,116,272 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Rubrik by 388.7% in the second quarter. Acadian Asset Management LLC now owns 1,555,252 shares of the company’s stock worth $139,309,000 after buying an additional 1,237,014 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in Rubrik by 101.8% during the third quarter. Federated Hermes Inc. now owns 2,437,768 shares of the company’s stock worth $200,506,000 after acquiring an additional 1,229,476 shares during the period. 49.54% of the stock is owned by hedge funds and other institutional investors.

About Rubrik

Rubrik, Inc is a cloud data management and security company that delivers a unified platform for data protection, disaster recovery, compliance and intelligent data governance. Its flagship offering, the Rubrik Security Cloud, enables organizations to automate backup and recovery workflows across on-premises, edge and multi-cloud environments. By combining policy-driven orchestration with real-time threat detection, Rubrik helps clients guard against ransomware, ensure business continuity and enforce data retention requirements.

The company’s platform supports a range of services including backup and restore, long-term data archiving, replication, and disaster recovery as a service (DRaaS).